ProMIS Neurosciences (PMN) 10-Q 14 Nov 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Nov. 10, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2023
Entity File Number	001-41429
Entity Registrant Name	PROMIS NEUROSCIENCES INC.
Entity Incorporation, State or Country Code	A6
Entity Tax Identification Number	98-0647155
Entity Address, Address Line One	Suite 200, 1920 Yonge Street
Entity Address, City or Town	Toronto
Entity Address State Or Province	ON
Entity Address, Postal Zip Code	M4S 3E2
City Area Code	416
Local Phone Number	847-6898
Title of 12(b) Security	Common Shares, no par value per share
Trading Symbol	PMN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		18,885,254
Entity Central Index Key	0001374339
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash	$ 16,868,347	$ 5,875,796
Short-term investments	31,824	31,009
Prepaid expenses and other current assets	957,785	996,682
Total current assets	17,857,956	6,903,487
Property and equipment, net		321
Intangible assets, net	18,022	20,838
Total assets	17,875,978	6,924,646
Current liabilities:
Accounts payable	8,414,596	2,975,398
Accrued liabilities	1,436,740	3,437,646
Share-based compensation liability - short-term	49
Total current liabilities	9,851,385	6,413,044
Share-based compensation liability	992,348
Warrant liability	277,356	1,859,374
Total liabilities	11,121,089	8,272,418
Commitments and contingencies (Note 10)
Shareholders' deficit:
Additional paid-in capital	97,011,590	79,101,061
Accumulated other comprehensive loss	(371,184)	(195,369)
Accumulated deficit	(89,885,517)	(80,253,464)
Total shareholders' equity (deficit)	6,754,889	(1,347,772)
Total liabilities and shareholders' equity (deficit)	$ 17,875,978	$ 6,924,646

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Condensed Consolidated Balance Sheets
Series S1 Convertible Preferred stock, Par value	$ 0	$ 0
Series S1 Convertible Preferred stock, Shares authorized	70,000,000	70,000,000
Series S1 Convertible Preferred Stock, Shares issued	70,000,000	70,000,000
Series S1 Convertible Preferred Stock, Shares outstanding	70,000,000	70,000,000
Common shares, par value (in dollars per share)	$ 0	$ 0
Common shares, shares issued	18,525,254	8,579,284
Common shares, shares outstanding	18,525,254	8,579,284

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating expenses:
Research and development	$ 1,142,160	$ 4,570,562	$ 5,658,127	$ 9,702,978
General and administrative	1,375,380	1,483,573	4,729,969	5,154,324
Total operating expenses	2,517,540	6,054,135	10,388,096	14,857,302
Loss from operations	(2,517,540)	(6,054,135)	(10,388,096)	(14,857,302)
Other income (expense):
Change in fair value of financial instruments	119,019	61,407	683,568	2,972,272
Other interest expense	(75,413)		(124,595)
Interest expense on convertible debt				(282,064)
Gain on extinguishment of convertible debt and derivative liability				1,307,421
Other income	113,286	35,853	197,070	62,915
Total other income (expense), net	156,892	97,260	756,043	4,060,544
Net loss	(2,360,648)	(5,956,875)	(9,632,053)	(10,796,758)
Other comprehensive loss
Foreign currency translation adjustment		(131,874)	(175,815)	(82,397)
Comprehensive loss	$ (2,360,648)	$ (6,088,749)	$ (9,807,868)	$ (10,879,155)
Net loss per share, basic	$ (0.19)	$ (0.83)	$ (0.98)	$ (1.50)
Net loss per share, diluted	$ (0.19)	$ (0.83)	$ (0.98)	$ (1.50)
Weighted-average shares outstanding of common shares, basic	12,370,830	7,195,529	9,861,719	7,195,529
Weighted-average shares outstanding of common shares, diluted	12,370,830	7,195,529	9,861,719	7,195,529

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Shareholders' Equity (Deficit) - USD ($)	Series1 Convertible Preferred Shares	Common Shares	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Total
Balance at the beginning at Dec. 31, 2021			$ 68,039,178	$ (187,919)	$ (62,191,201)	$ 5,660,058
Balance at the beginning (in shares) at Dec. 31, 2021		7,195,529
Changes in Shareholders' Deficit
Share-based compensation			348,861			348,861
Conversion of convertible debt and derivative liability to Series 1 Convertible Preferred Shares			5,600,000			5,600,000
Conversion of convertible debt and derivative liability to Series 1 Convertible Preferred Shares (in shares)	70,000,000
Foreign currency translation				(82,397)		(82,397)
Net loss					(10,796,758)	(10,796,758)
Balance at the end at Sep. 30, 2022			73,988,039	(270,316)	(72,987,959)	729,764
Balance at the end (in shares) at Sep. 30, 2022	70,000,000	7,195,529
Balance at the beginning at Jun. 30, 2022			73,879,455	(138,442)	(67,031,084)	6,709,929
Balance at the beginning (in shares) at Jun. 30, 2022		7,195,529
Changes in Shareholders' Deficit
Share-based compensation			108,584			108,584
Conversion of convertible debt and derivative liability to Series 1 Convertible Preferred Shares (in shares)	70,000,000
Foreign currency translation				(131,874)		(131,874)
Net loss					(5,956,875)	(5,956,875)
Balance at the end at Sep. 30, 2022			73,988,039	(270,316)	(72,987,959)	729,764
Balance at the end (in shares) at Sep. 30, 2022	70,000,000	7,195,529
Balance at the beginning at Dec. 31, 2022			79,101,061	(195,369)	(80,253,464)	$ (1,347,772)
Balance at the beginning (in shares) at Dec. 31, 2022	70,000,000	8,579,284				8,579,284
Changes in Shareholders' Deficit
Share-based compensation			266,701			$ 266,701
Foreign currency translation				(175,815)		(175,815)
Proceeds from the issuance of common stock, pre-funded warrants and accompanying common warrants in August 2023 PIPE, net of issuance costs of $2,738,558			17,745,200			17,745,200
Proceeds from the issuance of common stock, pre-funded warrants and accompanying common warrants in August 2023 PIPE, net of issuance costs of $2,738,558 (in shares)		9,945,970
Reclassification of USD denominated warrants from warrant liability to additional paid-in capital due to change in functional currency			1,287,400			1,287,400
Reclassification of CAD denominated warrants from additional paid-in capital to warrant liability due to change in functional currency			(396,375)			(396,375)
Reclassification of CAD equity-classified stock options to share-based compensation liability due to change in functional currency			(1,435,913)			(1,435,913)
Re-measurement of liability-classified CAD stock options as of September 30, 2023			443,516			443,516
Net loss					(9,632,053)	(9,632,053)
Balance at the end at Sep. 30, 2023			97,011,590	(371,184)	(89,885,517)	$ 6,754,889
Balance at the end (in shares) at Sep. 30, 2023	70,000,000	18,525,254				18,525,254
Balance at the beginning at Jun. 30, 2023			79,367,762	(371,184)	(87,524,869)	$ (8,528,291)
Balance at the beginning (in shares) at Jun. 30, 2023	70,000,000	8,579,284
Changes in Shareholders' Deficit
Proceeds from the issuance of common stock, pre-funded warrants and accompanying common warrants in August 2023 PIPE, net of issuance costs of $2,738,558			17,745,200			17,745,200
Proceeds from the issuance of common stock, pre-funded warrants and accompanying common warrants in August 2023 PIPE, net of issuance costs of $2,738,558 (in shares)		9,945,970
Reclassification of USD denominated warrants from warrant liability to additional paid-in capital due to change in functional currency			1,287,400			1,287,400
Reclassification of CAD denominated warrants from additional paid-in capital to warrant liability due to change in functional currency			(396,375)			(396,375)
Reclassification of CAD equity-classified stock options to share-based compensation liability due to change in functional currency			(1,435,913)			(1,435,913)
Re-measurement of liability-classified CAD stock options as of September 30, 2023			443,516			443,516
Net loss					(2,360,648)	(2,360,648)
Balance at the end at Sep. 30, 2023			$ 97,011,590	$ (371,184)	$ (89,885,517)	$ 6,754,889
Balance at the end (in shares) at Sep. 30, 2023	70,000,000	18,525,254				18,525,254

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Shareholders' Equity (Deficit) (Parenthetical) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Condensed Consolidated Statements of Changes in Shareholders' Equity (Deficit)
Net of issuance costs	$ 2,738,558	$ 2,738,558

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities
Net loss	$ (9,632,053)	$ (10,796,758)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation	266,701	348,861
Foreign currency exchange (gain) loss	(2,632)	367,649
Change in fair value of derivative liability		(2,643,123)
Change in fair value of warrant liability	(683,568)	(326,741)
Depreciation of property and equipment	322	5,771
Amortization of debt discount and issuance costs		247,046
Amortization of intangible assets	2,816	3,886
Gain on extinguishment of convertible debt and derivative liability		(1,307,421)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	38,897	(781,683)
Accounts payable	5,439,199	1,518,327
Accrued liabilities	(2,515,120)	883,931
Net cash used in operating activities	(7,085,438)	(12,480,255)
Cash flows from investing activities
Purchase of property and equipment		(2,024)
Net cash used in investing activities		(2,024)
Cash flows from financing activities
Proceeds from issuance of common shares, pre-funded warrants and accompanying common warrants from August 2023 PIPE, net of issuance costs	18,259,414
Net cash provided by financing activities	18,259,414
Effect of exchange rates on cash	(181,425)	(540,884)
Net decrease in cash	10,992,551	(13,023,163)
Cash at beginning of period	5,875,796	16,943,905
Cash at end of period	16,868,347	3,920,742
Noncash financing activities
Conversion of convertible debt and derivative liability to Series 1 Convertible Preferred Shares		5,600,000
Share issuance costs related to August 2023 PIPE included in accrued liabilities as of September 30, 2023	514,214
Reclassification of historical CAD denominated warrants from equity to liability	(396,375)
Reclassification of historical USD warrants from liability to equity	1,287,400
Supplemental disclosure of cash flow information
Cash paid for interest on convertible debt		$ 87,069
Cash paid for other interest	$ 124,595

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	9 Months Ended
	Sep. 30, 2023
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS	1. DESCRIPTION OF BUSINESS Business Description ProMIS Neurosciences Inc. (the “ Company ProMIS The Company is developing a pipeline of antibodies aimed at selectively targeting misfolded toxic forms of proteins that drive neurodegenerative diseases without interfering with the essential functions of the same properly folded proteins. The Company's product candidates are PMN310, PMN267, and PMN442. The lead product candidate is PMN310, a monoclonal antibody designed to treat AD by selectively targeting toxic, misfolded oligomers of amyloid-beta. PMN267 is our second lead product candidate targeting ALS. It has been shown in preclinical studies to selectively recognize misfolded, cytoplasmic TDP 43 aggregates without interacting with normal TDP 43. Misfolded TDP 43 is believed to play an important role in the development of ALS. In light of research suggesting that misfolded toxic a-syn is a primary driver of disease in synucleinopathies such as MSA and Parkinson’s disease, our third lead product candidate, PMN442, has shown robust binding to pathogenic a-syn oligomers and seeding fibrils in preclinical studies, with negligible binding to a-syn monomers and physiologic tetramers which are required for normal neuronal function. The Company was incorporated on January 23, 2004 under the Canada Business Corporations Act (“ CBCA OBCA Continuance Nasdaq ProMIS USA The success of the Company is dependent on obtaining the necessary regulatory approvals of its product candidates, marketing its products, if approved, and achieving profitable operations. The continuation of the research and development activities and the commercialization of its products, if approved, are dependent on the Company’s ability to successfully complete these activities and to obtain additional financing through a combination of financing activities and operations. It is not possible to predict either the outcome of future research and development or commercialization programs, the Company’s ability to fund these programs, or the Company’s ability to continue as a going concern. Liquidity Risk The accompanying unaudited condensed consolidated financial statements were prepared on a going concern basis, which assumes that the Company will continue its operations for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of business. The Company has not generated revenues from its activities. The Company had a net loss of $2.4 million and $9.6 million for the three and nine months ended September 30, 2023, respectively, and an accumulated deficit of $89.9 million as of September 30, 2023. Management believes these conditions raise substantial doubt about the Company’s ability to continue as a going concern within the next twelve months from the date these unaudited condensed consolidated financial statements are issued. The Company will require additional funding to conduct future clinical activities. The Company will seek additional funding through public and private financings, debt financings, collaboration agreements, strategic alliances and licensing agreements. Although the Company has been successful in raising capital in the past, there is no assurance of success in obtaining such additional financing on terms acceptable to us, if at all, and there is no assurance that the Company will be able to enter into collaborations or other arrangements. If the Company is unable to obtain funding, it could force delays, reduce or eliminate research and development programs, product portfolio expansion or commercialization efforts, which could adversely affect future business prospects, and the ability to continue operations. The Company may continue to incur net losses for at least the next several years as the Company advances its product candidates. The Company is actively pursuing additional financing to further develop certain of the Company’s scientific initiatives, but there is no assurance these initiatives will be successful, timely or sufficient.

BASIS OF PRESENTATION AND SUMMA

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2023
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto for the year ended December 31, 2022, which are included with the Company’s Annual Report on Form 10-K and related amendments filed with the United States Securities Exchange Commission (“ SEC ) The accompanying unaudited interim condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“ GAAP ASC ASU FASB In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements for the periods presented reflect all adjustments, consisting of only normal recurring adjustments, necessary to fairly present the Company’s financial position, results of operations, and cash flows. The December 31, 2022 condensed consolidated balance sheet was derived from audited financial statements, but does not include all GAAP disclosures. The unaudited condensed consolidated financial statements for the interim periods are not necessarily indicative of results for the full year. Principles of Consolidation The accompanying unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates, judgements and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions made in the accompanying unaudited condensed consolidated financial statements include, but are not limited to, the accrual for research and development expenses and the valuation of warrant liabilities and embedded derivative liabilities. Actual results could differ from those estimates, and such differences could be material to the unaudited condensed consolidated financial statements. Segment Information Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker (“ CODM Foreign and Functional Currency Prior to July 1, 2023, the Company’s functional currency was the Canadian dollar (“ C$ US$ Following the Company’s voluntary delisting from the Toronto Stock Exchange in July 2023, the Company reassessed its functional currency and determined that, as of July 1, 2023, its functional currency had changed from the C$ to the US$. The Company analysis included various factors, including: the Company’s cash flows and expenses denominated primarily in US$, the primary market for the Company’s Common Shares trading in US$ and a majority ownership by U.S. shareholders. The change in functional currency was accounted for prospectively from July 1, 2023 and consolidated financial statements prior to and including the period ended June 30, 2023 were not restated for the change in functional currency. For periods commencing July 1, 2023, monetary assets and liabilities denominated in foreign currencies are translated into US$ using exchange rates in effect at the end of the reporting period. Opening balances related to non-monetary assets and liabilities are based on prior period translated amounts, and non-monetary assets acquired, and non-monetary liabilities incurred after July 1, 2023 are translated at the approximate exchange rate prevailing at the date of the transaction. Revenue and expense transactions are translated at the approximate exchange rate in effect at the time of the transaction. Foreign exchange gains and losses are included in the consolidated statement of operations and comprehensive loss within operating expenses. Share-Based Compensation Share-based compensation expense related to share awards granted to employees, directors and non-employees is recognized based on the grant-date estimated fair values of the awards using the Black- Scholes option pricing model (“ Black-Scholes Black-Scholes requires a number of assumptions, of which the most significant are expected volatility, expected option term (the time from the grant date until the options are exercised or expire) and risk-free rate. Expected volatility is determined using the historical volatility for the Company. The risk-free interest rate is based on the yield of Canadian government bonds with a remaining term equal to the expected life of the option. Expected dividend yield is zero because the Company has never paid any cash dividends on common shares and the Company does not expect to pay cash dividends in the foreseeable future. Awards of options that provide for an exercise price that is not denominated in: (a) the currency of a market in which a substantial portion of the Company's equity securities trades in, (b) the currency in which the employee's pay is denominated, or (c) the Company's functional currency, are required to be classified as liabilities. The change in the Company’s functional currency, effective July 1, 2023 resulted in the reclassification of outstanding stock options that were previously denominated in C$ from equity-classified to liability-classified options (see Note 8), which are accounted for as a share option modification in accordance with FASB’s ASC 718 – Compensation – Stock Compensation (“ ASC 718 ”). Under ASC 718, when an award is reclassified from equity to liability, if at the reclassification date the original vesting conditions are expected to be satisfied, then the minimum amount of compensation cost to be recognized is based on the grant date fair value of the original award. Fair value changes below this minimum amount are recorded in additional paid-in capital. For each reporting period after the modification date, the stock option liability is adjusted so that it equals the portion of the requisite service provided multiplied by the modified award’s fair value at the end of the reporting period. Share Issuance Costs Common share issuance costs are incremental costs directly associated with an offering of securities. These costs typically include fees paid to bankers or underwriters, attorneys, accountants, as well as printers and other third parties. Prior to the effective date of an offering of equity securities, specific incremental costs directly attributable to a proposed or actual offering of securities may be deferred and charged against the gross proceeds of the offering. The Company capitalizes these deferred financing costs as prepaid expenses and other current assets in the accompanying unaudited interim condensed consolidated balance sheets until the completion of the offering, unless the offering is abandoned, at which time the deferred financing costs will be recognized in the unaudited condensed consolidated statements of operations. During the three and nine months ended September 30, 2023, the Company recognized general and administrative expenses of $0.0 million and $0.8 million related to abandoned offerings. Emerging Growth Company Status The Company is an Emerging Growth Company, as defined in Section 2(a) of the Securities Act of 1933, as modified by the Jumpstart Our Business Startups Act of 2012 (“ JOBS Act Recent Accounting Pronouncements In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options ( Subtopic 470-20 ) and Derivatives and Hedging Contracts in Entity s Own Equity ( Subtopic 815-40 ): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity In June 2016, and in later clarifying amendments, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2023
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	3. FAIR VALUE MEASUREMENTS The following are the major categories of assets and liabilities measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2023 ​ Level 1 Level 2 ​ Level 3 Total Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term investments ​ $ 31,824 ​ $ — ​ $ — ​ $ 31,824 Total assets measured at fair value ​ $ 31,824 ​ $ — ​ $ — ​ $ 31,824 Liabilities: ​ ​ ​ ​ Warrant liability ​ $ — ​ $ — ​ $ 277,356 ​ $ 277,356 Total liabilities measured at fair value ​ $ — ​ $ — ​ $ 277,356 ​ $ 277,356 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ Level 1 Level 2 Level 3 Total Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term investments ​ $ 31,009 ​ $ — ​ $ — ​ $ 31,009 Total assets measured at fair value ​ $ 31,009 ​ $ — ​ $ — ​ $ 31,009 Liabilities: ​ ​ ​ ​ Warrant liability ​ $ — ​ $ — ​ $ 1,859,374 ​ $ 1,859,374 Total liabilities measured at fair value ​ $ — ​ $ — ​ $ 1,859,374 ​ $ 1,859,374 ​ No transfers between levels have occurred in either reporting period presented. Refer to Note 7 below for disclosures related to the warrant liability.

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	9 Months Ended
	Sep. 30, 2023
PREPAID EXPENSES AND OTHER CURRENT ASSETS
PREPAID EXPENSES AND OTHER CURRENT ASSETS	4. PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2023 2022 ​ Upfront research payments ​ $ 64,418 ​ $ 346,015 ​ Goods and services tax receivable ​ 83,448 ​ 71,626 ​ Accrued interest receivable ​ ​ 82,059 ​ ​ — ​ Insurance ​ 645,133 ​ 471,088 ​ Dues and subscriptions ​ 32,036 ​ 7,926 ​ Consultants ​ 4,811 ​ 56,797 ​ License fee ​ 4,722 ​ 25,700 ​ Deposits ​ 19,623 ​ 12,907 ​ Miscellaneous ​ 21,535 ​ 4,623 ​ Total prepaid expenses and other current assets ​ $ 957,785 ​ $ 996,682 ​ ​

ACCRUED LIABILITIES AND ACCOUNT

ACCRUED LIABILITIES AND ACCOUNTS PAYABLE	9 Months Ended
	Sep. 30, 2023
ACCRUED LIABILITIES AND ACCOUNTS PAYABLE
ACCRUED LIABILITIES AND ACCOUNTS PAYABLE	5. ACCRUED LIABILITIES AND ACCOUNTS PAYABLE Accrued liabilities consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2023 2022 ​ Legal ​ $ 46,697 ​ $ — ​ Accounting ​ 82,732 ​ 73,970 ​ Research and development ​ 729,717 ​ 3,185,346 ​ Other ​ 577,594 ​ 178,330 ​ Accrued liabilities ​ $ 1,436,740 ​ $ 3,437,646 ​ ​ ​ ​ ​ ​ Other accrued liabilities for the period ending September 30, 2023 include $514,214 of share issuance costs related to the August 2023 PIPE. ​ Accounts payable are current obligations due to vendors. In May 2023, the Company entered into an agreement with a vendor which gives the option to defer payment on approximately $5.5 million of current accounts payable and accrued liabilities until March 31, 2024. The outstanding balance of invoices due to the vendor will accrue interest at an annual rate of 5.5%, which will be paid monthly. The Company may repay the outstanding balance at any time.

EQUITY

EQUITY	9 Months Ended
	Sep. 30, 2023
EQUITY
EQUITY	6. EQUITY The Company has authorized an unlimited number of both Common and Preferred Shares, issuable in series, and 70 million Series 1 Convertible Preferred Shares. As of September 30, 2023 and December 31, 2022, the Company had 18,525,254 and 8,579,284 issued outstanding Common Shares reserved for future issuance consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2023 2022 ​ Warrants 13,955,897 1,873,622 ​ Series 1 Convertible Preferred Shares ​ 1,166,667 ​ 1,166,667 ​ Options issued and outstanding under stock option plan 1,041,492 1,043,025 ​ Deferred Share Units 1,061 1,061 ​ Common Shares available for grant under stock option plan 397,613 396,080 ​ Total Common Shares reserved for future issuance 16,562,730 4,480,455 ​ ​ The preferences, privileges and rights of the Common Shares are as follows: Voting Subject to any special voting rights or restrictions, holders of Common Shares entitled to vote shall have one vote per share. Dividends The Company’s Board of Directors may from time to time declare and authorize payment of dividends, if any, as they may deem advisable and need not give notice of such declaration to any shareholder. Subject to the rights of common shareholders, if any, holding shares with specific rights as to dividends, all dividends on Common Shares shall be declared and paid according to the number of such shares held and paid in Canadian dollars. Liquidation Rights In the event of the liquidation, dissolution or winding-up of the Company or any other distribution of the Company’s assets for the purpose of winding up the Company’s affairs, after the payment of dividends declared but unpaid, the holders of Common Shares shall be entitled pari passu Series 1 Convertible Preferred Shares On June 17, 2022, the directors of the Company authorized the issuance of 70,000,000 Series 1 Convertible Preferred Shares (“Preferred Shares”) with the following preferences, privileges and rights: Dividends If the Company declares, pays or sets aside any dividends on shares of any other class or series of capital stock the holders of the Preferred Shares shall receive a dividend on each outstanding share of Preferred Share in an amount equal to that dividend per share of the Preferred Share as would equal the product of the dividend payable as if all shares of such series had been converted into Common Shares. Liquidation In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company, the holders of the Preferred Shares shall be entitled to be paid out of the assets of the Company available for distribution to the shareholders an amount per share equal to $6.00, plus any dividends declared but not paid. If, upon any such liquidation event, the assets available for distribution to the shareholders are insufficient to pay the holders of the Preferred Shares, the holders of the Preferred Shares shall share ratably in any distribution of the assets available for distribution in proportion to the respective amounts which would otherwise be payable in respect of the shares held by them upon such distribution if all amounts payable on or with respect to such shares were paid in full. Voting The Preferred Shares do not confer any voting rights or privileges. Redemption The Preferred Shares are not subject to mandatory redemption or other redemption provisions for which the events resulting in redemption are not within the Company’s control. Optional Conversion Preferred Shares are convertible, at the option of the holder thereof, at any time and from time to time, and without the payment of additional consideration by the holder thereof, into such number of fully paid and non-assessable Common Shares as is determined by dividing $0.10 by the applicable conversion price in effect at the time of conversion. The Conversion Price was initially equal to $0.10 and, following the Reverse Share Split on June 28, 2022, is equal to $6.00, such that 60 Preferred Shares are convertible into 1 Common Share. Mandatory Conversion All outstanding Preferred Shares shall automatically convert into Common Shares, at the effective conversion rate upon the closing of one or more sales of equity securities resulting in at least $30 million of gross proceeds to the Company. As of September 30, 2023, the Company has raised approximately $27.8 million. Equity Transactions Following the change in functional currency effective July 1, 2023, the Company reassessed the classification of its historical US$ and C$ denominated warrants in accordance with the Company’s accounting policy for warrants. As a result of the reassessment, the Company determined that 870,026 US$ warrants to purchase Common Shares, originally issued in financing transactions in 2021 and 2022, previously classified as warrant liabilities met the criteria under ASC 815-40 for permanent equity classification. The US$ warrants with a total fair value of $1,287,400, calculated using a Black Scholes calculation as of June 30, 2023, were reclassified from warrant liability to additional-paid-in-capital in the accompanying unaudited condensed consolidated financial statements. The fair value of the US$ warrants represented the entirety of the Company’s warrant liability as of June 30, 2023. The US$ warrants will not be re-measured prospectively. As result of the reassessment the Company determined that 687,591 C$ warrants, originally issued in financing transactions between 2018 and 2020, which were previously classified in permanent equity no longer met the criteria for equity classification. The C$ warrants were remeasured as of July 1, 2023. The C$ warrants have exercise prices between C$12.00 and C$28.80 and expire between January 2024 and November 2025. The Company measured the fair value of the C$ warrants on July 1, 2023 using a Black Scholes calculation and the resulting value of $396,375 was recorded as a reclassification from additional-paid-in-capital to warrant liability. The C$ warrants liability was subsequently re-measured at September 30, 2023 to a fair value of $277,356, with the change in fair value of $119,019 reported in other income in the accompanying unaudited condensed consolidated statement of comprehensive loss. The weighted-average values of the significant assumptions used in the Black Scholes valuation of the C$ warrants as of July 1, 2023 included volatility of 84.6%, a risk-free rate of 4.54%, exercise price of C$12.80 and an expected term of 2.3 years. The weighted-average values of the significant assumptions used in the Black Scholes valuation of the C$ warrants as of September 30, 2023 included volatility of 127.8%, a risk-free rate of 4.83%, exercise price of C$13.35 and an expected term of 1.9 years. A summary of warrant liability activity for the nine-month period ended September 30, 2023 is as follows: ​ ​ ​ ​ ​ ​ September 30, ​ ​ 2023 Balance at December 31, 2022 ​ $ 1,859,374 Change in fair value of US$ warrant liability ​ (564,549) Foreign exchange loss ​ (7,425) Fair value of US$ warrant liability as of June 30, 2023 ​ ​ 1,287,400 Fair value of previously liability-classified US$ warrants reclassified to additional paid-in-capital as of July 1, 2023 ​ ​ (1,287,400) Fair value of previously equity-classified C$ warrants reclassified to warrant liability as of July 1, 2023 ​ ​ 396,375 Change in fair value of C$ warrant liability ​ ​ (119,019) Balance at September 30, 2023 ​ $ 277,356 ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 Balance at December 31, 2021 ​ $ 1,871,687 October 2022 PIPE warrant liability at issuance ​ 1,520,401 Change in fair value of the warrant liability ​ (1,533,644) Foreign exchange loss ​ 930 Balance at December 31, 2022 ​ $ 1,859,374 ​ ​ ​ ​ ​ ​ In August 2023, through a private placement (“ August 2023 PIPE The Company determined the Pre-Funded Warrants and Common Warrants both met the permanent equity criteria classification. The Pre-Funded Warrants and Common Warrants are classified as a component of permanent equity because they are freestanding financial instruments that are legally detachable and separately exercisable from the Common Shares with which they were issued, are immediately exercisable, do not embody an obligation for the Company to repurchase its shares, and permit the holders to receive a fixed number of common shares upon exercise. In addition, the Pre-Funded Warrants and Common Warrants do not provide any guarantee of value or return. The Company also issued 327,020 compensation warrants to purchase Common Shares as compensation to a placement agent as part of the August 2023 PIPE. The compensation warrants have an exercise price of $1.75 and expire in February 2029. The Company used a Black Scholes calculation to determine the fair value of the compensation warrants at the issuance date. The fair value of $466,658 of issuance costs are recorded in additional-paid-in capital, which results in a net zero impact to additional paid-in-capital and issuance costs. Significant assumptions used in the Black Scholes calculation included risk free interest rate of 4.36%; historical volatility of 107.3%; and a 5.5-year expiry. ​

WARRANTS

WARRANTS	9 Months Ended
	Sep. 30, 2023
WARRANTS
WARRANTS	​ 7. WARRANTS As of September 30, 2023, outstanding Common Share warrants and exercise prices denominated in C$ unless otherwise noted, related to unit offerings are as follows: ​ ​ ​ ​ ​ ​ Exercise Number of ​ Price $ Warrants ​ Expiry date 28.80 139,659 January 2024 18.00 68,334 June 2024 18.00 150,818 November 2024 18.00 49,167 December 2024 12.00 279,613 November 2025 USD 12.60 524,088 August 2026 USD 9.60 146,744 August 2026 USD 7.50 345,938 April 2028 USD 6.10 69,188 April 2028 USD 0.01 ​ 954,724 ​ None USD 1.75 11,227,624 February 2029 ​ 13,955,897 ​ ​ ​ ​ In April 2023, 100,073 warrants with an exercise price of C$28.80 expired without being exercised. There were no warrant exercises in the nine months ended September 30, 2023.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2023
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION	8. SHARE-BASED COMPENSATION 2015 Stock Option Plan The Company maintains the 2015 Stock Option Plan ( “2015 Option Plan” The following table summarizes the share options outstanding under the 2015 Option Plan for the nine months ended September 30, 2023. All amounts are denominated in C$, except year and share amounts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Average Remaining ​ ​ ​ ​ Number of Exercise Contractual ​ Aggregate ​ ​ Share Price Per Term ​ Intrinsic ​ ​ Options ​ Share (years) ​ Value Outstanding as of December 31, 2022 1,043,025 ​ $ 7.53 6.1 ​ $ 59,116 Expired (1,533) ​ 11.77 — ​ — Outstanding as of September 30, 2023 1,041,492 ​ 7.52 5.4 ​ ​ 59,116 Vested and exercisable as of September 30, 2023 696,625 ​ $ 7.43 4.2 ​ $ 59,116 ​ The aggregate intrinsic value of options outstanding and vested and exercisable is calculated as the difference between the exercise price of the underlying options, and the fair value of the Company’s Common Shares when the exercise price is below fair value. There were no options exercised Upon the change in the Company’s functional currency effective July 1, 2023 C$ share options previously classified as equity were reclassified as liabilities. On July 1, 2023, these options had a fair value of $1,768,515, which was recorded as share-based compensation liability, of which $1,435,913 was reclassified from additional paid-in capital and the remainder of $332,602 was recorded as additional share-based compensation expense. The C$ options were re-measured as of September 30, 2023 and had a fair value of $992,367, resulting in a decrease in fair value of $776,148, of which $332,602 was reduced from share-based compensation expense, with the remaining $443,516 applied to additional paid-in-capital in the Company’s unaudited condensed consolidated statement of operations and comprehensive loss. The following table summarizes the weighted average of significant assumptions used to calculate the fair value of C$ share options outstanding and exercisable as of July 1, 2023 and September 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Period Ended ​ ​ September 30, ​ July 1, ​ ​ 2023 2023 ​ Weighted average fair value of Options ​ C$ 1.30 ​ C$ 2.54 ​ Expected volatility ​ 118.7 % ​ 83.3 % Risk-free interest rate ​ 4.81 % ​ 4.30 % Expected dividend yield ​ — % ​ — % Expected term (years) ​ 6.8 ​ 6.5 ​ ​ Share-based Payment Expense The following table summarizes total share-based compensation included in the Company’s accompanying unaudited condensed consolidated statements of operations and comprehensive loss: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ ​ 2023 2022 2023 2022 ​ Research and development ​ $ — ​ $ 39,627 ​ $ 78,018 ​ $ 157,147 ​ General and administrative ​ — ​ 68,957 ​ 188,683 ​ 240,333 ​ Total share-based compensation ​ $ — ​ $ 108,584 ​ $ 266,701 ​ $ 397,480 ​ ​ As of September 30, 2023, there was $487,925 of unrecognized share-based compensation liability related to options outstanding but unvested, which is expected to be recognized over weighted-average remaining service period of 2.5 years.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2023
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	9. RELATED PARTY TRANSACTIONS UBC Collaborative Research Agreement In April 2016, the Company entered into a collaborative research agreement (“ CRA UBC ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2023
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	10. COMMITMENTS AND CONTINGENCIES Research, Development and License Agreements The Company enters into research, development and license agreements with various parties in the ordinary course of business where the Company receives research services and rights to proprietary technologies. The agreements require compensation to be paid by the Company, typically, by a combination of the following: ● fees comprising amounts due initially on entering into the agreements and additional amounts due either on specified timelines or defined services to be provided; ● milestone payments that are dependent on products developed under the agreements proceeding toward specified plans of clinical trials and commercial development; and ● royalty payments calculated as a percentage of net sales, commencing on commercial sale of any product candidates developed from the technologies. Milestone and royalty related amounts that may come due under various agreements are dependent on, among other factors, preclinical safety and efficacy, clinical trials, regulatory approvals and, ultimately, the successful development and commercial launch of a new drug, the outcomes and timings of which are uncertain. Amounts due per the various agreements for milestone payments will accrue once the occurrence of a milestone is likely. Amounts due as royalty payments will accrue as commercial revenues from the product are earned. Through September 30, 2023, no events have occurred that require accrual of any milestone or royalty related amounts. UBC and the Vancouver Coastal Health Authority Agreement In April 2016, the Company entered into a three-year, CRA with the UBC and the Vancouver Coastal Health Authority. The agreement was amended various times through January 2022, extending the agreement through 2025. Refer to Note 9 Related Party Transactions. UBC Agreement In February 2009, the Company entered into an agreement with UBC to further the development and commercialization of certain technology developed, in part, by the Company’s Chief Scientific Officer. The agreement was amended and restated in October 2015. Under the amended and restated agreement, the Company is committed to make royalty payments based on revenue earned from the licensed technology. An annual license fee is payable over the term of the agreement. The agreement remains effective unless terminated under the provisions of the agreement. The Company made annual license payments of C$25,000 during the nine months ended September 30, 2023 and 2022. Through September 30, 2023, no accruals for royalty payments have been made. University Health Network Agreement In April 2006, and in additional amendments through November 2013, the Company entered into an agreement with the University Health Network, Toronto, to license certain technology and related intellectual property. The UHN License Agreement calls for certain customary payments such as milestone payments, buyout payments and payment to UHN between a half of one percent to a low single digit royalty on revenues. The aggregate amount of all potential milestone and buyout payments under the UHN License Agreement (excluding royalty payments) is C$3,325,000. The Company did not make any payments under the agreement to UHN pursuant to the terms of the UHN License Agreement during the nine months ended September 30, 2023 and 2022. As of September 30, 2023, no accruals for any milestones or royalty payments have been made. Indemnification In the ordinary course of business, the Company enters into agreements that may include indemnification provisions. Pursuant to such agreements, the Company may indemnify, hold harmless and defend an indemnified party for losses suffered or incurred by the indemnified party. Some of the provisions will limit losses to those arising from third party actions. In some cases, the indemnification will continue after the termination of the agreement. The maximum potential amount of future payments the Company could be required to make under these provisions is not determinable. The Company has never incurred material costs to defend lawsuits or settle claims related to these indemnification provisions. The Company has also entered into indemnification agreements with its directors and officers that may require the Company to indemnify its directors and officers against liabilities that may arise by reason of their status or service as directors or officers. The Company currently has directors’ and officers’ insurance.

NET LOSS PER SHARE

NET LOSS PER SHARE	9 Months Ended
	Sep. 30, 2023
NET LOSS PER SHARE
NET LOSS PER SHARE	11. NET LOSS PER SHARE Basic net earnings per share applicable to common stockholders is calculated by dividing net earnings applicable to common shareholders by the weighted average shares outstanding during the period, without consideration for common share equivalents. Diluted net earnings per share applicable to common shareholders is calculated by adjusting the weighted average shares outstanding for the dilutive effect of common share equivalents outstanding for the period, determined using the treasury-stock method and the if-converted method. For purposes of the calculation of dilutive net loss per share applicable to common shareholders, stock options, and warrants are considered to be common stock equivalents but are excluded from the calculation of diluted net loss per share applicable to common shareholders, as their effect would be anti-dilutive; therefore, basic and diluted net loss per share applicable to common shareholders were the same for all periods presented. ​ As of September 30, 2023, 954,725 Pre-Funded Warrants to purchase common shares for little to no consideration, issued in connection with the August 2023 private placement (see Note 6), were included in the basic and diluted net loss per share calculation. The following table sets forth the computation of basic and diluted net loss per share attributable to common shareholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2023 2022 ​ 2023 2022 ​ Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss attributable to common shareholders ​ $ (2,360,648) ​ $ (5,956,875) ​ $ (9,632,053) ​ $ (10,796,758) ​ Denominator: ​ ​ ​ ​ ​ Weighted-average shares outstanding used in computing net loss per share attributable to common shareholders, basic and diluted ​ 12,370,830 ​ 7,195,529 ​ 9,861,719 ​ 7,195,529 ​ Net loss per share attributable to common shareholders, basic and diluted ​ $ 0.19 ​ $ 0.83 ​ $ 0.98 ​ $ 1.50 ​ ​ The following outstanding potentially dilutive Common Shares equivalents were excluded from the computation of diluted net loss per share for the periods presented because including them would have been antidilutive: ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ 2023 2022 Options issued and outstanding under stock option plan 1,041,492 689,321 Warrants 13,955,897 1,560,588 Series 1 Convertible Preferred Shares ​ 1,166,667 ​ 1,166,667 Deferred Share Units 1,061 1,061 Total 16,165,117 3,417,637 ​

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2023
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	12. SUBSEQUENT EVENTS The Company did not identify any subsequent events through November 14, 2023, the date these unaudited condensed consolidated financial statements were issued. ​

BASIS OF PRESENTATION AND SUM_2

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2023
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto for the year ended December 31, 2022, which are included with the Company’s Annual Report on Form 10-K and related amendments filed with the United States Securities Exchange Commission (“ SEC ) The accompanying unaudited interim condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“ GAAP ASC ASU FASB In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements for the periods presented reflect all adjustments, consisting of only normal recurring adjustments, necessary to fairly present the Company’s financial position, results of operations, and cash flows. The December 31, 2022 condensed consolidated balance sheet was derived from audited financial statements, but does not include all GAAP disclosures. The unaudited condensed consolidated financial statements for the interim periods are not necessarily indicative of results for the full year.
Principles of Consolidation	Principles of Consolidation The accompanying unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates, judgements and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions made in the accompanying unaudited condensed consolidated financial statements include, but are not limited to, the accrual for research and development expenses and the valuation of warrant liabilities and embedded derivative liabilities. Actual results could differ from those estimates, and such differences could be material to the unaudited condensed consolidated financial statements.
Segment Information	Segment Information Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker (“ CODM
Foreign and Functional Currency	Foreign and Functional Currency Prior to July 1, 2023, the Company’s functional currency was the Canadian dollar (“ C$ US$ Following the Company’s voluntary delisting from the Toronto Stock Exchange in July 2023, the Company reassessed its functional currency and determined that, as of July 1, 2023, its functional currency had changed from the C$ to the US$. The Company analysis included various factors, including: the Company’s cash flows and expenses denominated primarily in US$, the primary market for the Company’s Common Shares trading in US$ and a majority ownership by U.S. shareholders. The change in functional currency was accounted for prospectively from July 1, 2023 and consolidated financial statements prior to and including the period ended June 30, 2023 were not restated for the change in functional currency. For periods commencing July 1, 2023, monetary assets and liabilities denominated in foreign currencies are translated into US$ using exchange rates in effect at the end of the reporting period. Opening balances related to non-monetary assets and liabilities are based on prior period translated amounts, and non-monetary assets acquired, and non-monetary liabilities incurred after July 1, 2023 are translated at the approximate exchange rate prevailing at the date of the transaction. Revenue and expense transactions are translated at the approximate exchange rate in effect at the time of the transaction. Foreign exchange gains and losses are included in the consolidated statement of operations and comprehensive loss within operating expenses.
Share-Based Compensation	Share-Based Compensation Share-based compensation expense related to share awards granted to employees, directors and non-employees is recognized based on the grant-date estimated fair values of the awards using the Black- Scholes option pricing model (“ Black-Scholes Black-Scholes requires a number of assumptions, of which the most significant are expected volatility, expected option term (the time from the grant date until the options are exercised or expire) and risk-free rate. Expected volatility is determined using the historical volatility for the Company. The risk-free interest rate is based on the yield of Canadian government bonds with a remaining term equal to the expected life of the option. Expected dividend yield is zero because the Company has never paid any cash dividends on common shares and the Company does not expect to pay cash dividends in the foreseeable future. Awards of options that provide for an exercise price that is not denominated in: (a) the currency of a market in which a substantial portion of the Company's equity securities trades in, (b) the currency in which the employee's pay is denominated, or (c) the Company's functional currency, are required to be classified as liabilities. The change in the Company’s functional currency, effective July 1, 2023 resulted in the reclassification of outstanding stock options that were previously denominated in C$ from equity-classified to liability-classified options (see Note 8), which are accounted for as a share option modification in accordance with FASB’s ASC 718 – Compensation – Stock Compensation (“ ASC 718 ”). Under ASC 718, when an award is reclassified from equity to liability, if at the reclassification date the original vesting conditions are expected to be satisfied, then the minimum amount of compensation cost to be recognized is based on the grant date fair value of the original award. Fair value changes below this minimum amount are recorded in additional paid-in capital. For each reporting period after the modification date, the stock option liability is adjusted so that it equals the portion of the requisite service provided multiplied by the modified award’s fair value at the end of the reporting period.
Share Issuance Costs	Share Issuance Costs Common share issuance costs are incremental costs directly associated with an offering of securities. These costs typically include fees paid to bankers or underwriters, attorneys, accountants, as well as printers and other third parties. Prior to the effective date of an offering of equity securities, specific incremental costs directly attributable to a proposed or actual offering of securities may be deferred and charged against the gross proceeds of the offering. The Company capitalizes these deferred financing costs as prepaid expenses and other current assets in the accompanying unaudited interim condensed consolidated balance sheets until the completion of the offering, unless the offering is abandoned, at which time the deferred financing costs will be recognized in the unaudited condensed consolidated statements of operations. During the three and nine months ended September 30, 2023, the Company recognized general and administrative expenses of $0.0 million and $0.8 million related to abandoned offerings.
Emerging Growth Company Status	Emerging Growth Company Status The Company is an Emerging Growth Company, as defined in Section 2(a) of the Securities Act of 1933, as modified by the Jumpstart Our Business Startups Act of 2012 (“ JOBS Act
Recent Accounting Pronouncements	Recent Accounting Pronouncements In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options ( Subtopic 470-20 ) and Derivatives and Hedging Contracts in Entity s Own Equity ( Subtopic 815-40 ): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity In June 2016, and in later clarifying amendments, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2023
FAIR VALUE MEASUREMENTS
Summary of major categories of assets and liabilities measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2023 ​ Level 1 Level 2 ​ Level 3 Total Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term investments ​ $ 31,824 ​ $ — ​ $ — ​ $ 31,824 Total assets measured at fair value ​ $ 31,824 ​ $ — ​ $ — ​ $ 31,824 Liabilities: ​ ​ ​ ​ Warrant liability ​ $ — ​ $ — ​ $ 277,356 ​ $ 277,356 Total liabilities measured at fair value ​ $ — ​ $ — ​ $ 277,356 ​ $ 277,356 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ Level 1 Level 2 Level 3 Total Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term investments ​ $ 31,009 ​ $ — ​ $ — ​ $ 31,009 Total assets measured at fair value ​ $ 31,009 ​ $ — ​ $ — ​ $ 31,009 Liabilities: ​ ​ ​ ​ Warrant liability ​ $ — ​ $ — ​ $ 1,859,374 ​ $ 1,859,374 Total liabilities measured at fair value ​ $ — ​ $ — ​ $ 1,859,374 ​ $ 1,859,374

PREPAID EXPENSES AND OTHER CU_2

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	9 Months Ended
	Sep. 30, 2023
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Summary of prepaid expenses and other current assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2023 2022 ​ Upfront research payments ​ $ 64,418 ​ $ 346,015 ​ Goods and services tax receivable ​ 83,448 ​ 71,626 ​ Accrued interest receivable ​ ​ 82,059 ​ ​ — ​ Insurance ​ 645,133 ​ 471,088 ​ Dues and subscriptions ​ 32,036 ​ 7,926 ​ Consultants ​ 4,811 ​ 56,797 ​ License fee ​ 4,722 ​ 25,700 ​ Deposits ​ 19,623 ​ 12,907 ​ Miscellaneous ​ 21,535 ​ 4,623 ​ Total prepaid expenses and other current assets ​ $ 957,785 ​ $ 996,682 ​ ​

ACCRUED LIABILITIES AND ACCOU_2

ACCRUED LIABILITIES AND ACCOUNTS PAYABLE (Tables)	9 Months Ended
	Sep. 30, 2023
ACCRUED LIABILITIES AND ACCOUNTS PAYABLE
Summary of accrued liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2023 2022 ​ Legal ​ $ 46,697 ​ $ — ​ Accounting ​ 82,732 ​ 73,970 ​ Research and development ​ 729,717 ​ 3,185,346 ​ Other ​ 577,594 ​ 178,330 ​ Accrued liabilities ​ $ 1,436,740 ​ $ 3,437,646 ​

EQUITY (Tables)

EQUITY (Tables)	9 Months Ended
	Sep. 30, 2023
EQUITY
Summary of common shares reserved for future issuance	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2023 2022 ​ Warrants 13,955,897 1,873,622 ​ Series 1 Convertible Preferred Shares ​ 1,166,667 ​ 1,166,667 ​ Options issued and outstanding under stock option plan 1,041,492 1,043,025 ​ Deferred Share Units 1,061 1,061 ​ Common Shares available for grant under stock option plan 397,613 396,080 ​ Total Common Shares reserved for future issuance 16,562,730 4,480,455 ​
Summary of fair value of the warrant liability	​ ​ ​ ​ ​ ​ September 30, ​ ​ 2023 Balance at December 31, 2022 ​ $ 1,859,374 Change in fair value of US$ warrant liability ​ (564,549) Foreign exchange loss ​ (7,425) Fair value of US$ warrant liability as of June 30, 2023 ​ ​ 1,287,400 Fair value of previously liability-classified US$ warrants reclassified to additional paid-in-capital as of July 1, 2023 ​ ​ (1,287,400) Fair value of previously equity-classified C$ warrants reclassified to warrant liability as of July 1, 2023 ​ ​ 396,375 Change in fair value of C$ warrant liability ​ ​ (119,019) Balance at September 30, 2023 ​ $ 277,356 ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 Balance at December 31, 2021 ​ $ 1,871,687 October 2022 PIPE warrant liability at issuance ​ 1,520,401 Change in fair value of the warrant liability ​ (1,533,644) Foreign exchange loss ​ 930 Balance at December 31, 2022 ​ $ 1,859,374

WARRANTS (Tables)

WARRANTS (Tables)	9 Months Ended
	Sep. 30, 2023
WARRANTS
Summary of outstanding common share warrants and exercise prices	​ ​ ​ ​ ​ ​ Exercise Number of ​ Price $ Warrants ​ Expiry date 28.80 139,659 January 2024 18.00 68,334 June 2024 18.00 150,818 November 2024 18.00 49,167 December 2024 12.00 279,613 November 2025 USD 12.60 524,088 August 2026 USD 9.60 146,744 August 2026 USD 7.50 345,938 April 2028 USD 6.10 69,188 April 2028 USD 0.01 ​ 954,724 ​ None USD 1.75 11,227,624 February 2029 ​ 13,955,897 ​ ​

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2023
SHARE-BASED COMPENSATION
Summary of the activity of share options	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Average Remaining ​ ​ ​ ​ Number of Exercise Contractual ​ Aggregate ​ ​ Share Price Per Term ​ Intrinsic ​ ​ Options ​ Share (years) ​ Value Outstanding as of December 31, 2022 1,043,025 ​ $ 7.53 6.1 ​ $ 59,116 Expired (1,533) ​ 11.77 — ​ — Outstanding as of September 30, 2023 1,041,492 ​ 7.52 5.4 ​ ​ 59,116 Vested and exercisable as of September 30, 2023 696,625 ​ $ 7.43 4.2 ​ $ 59,116
Summary of fair value of share options outstanding and exercisable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Period Ended ​ ​ September 30, ​ July 1, ​ ​ 2023 2023 ​ Weighted average fair value of Options ​ C$ 1.30 ​ C$ 2.54 ​ Expected volatility ​ 118.7 % ​ 83.3 % Risk-free interest rate ​ 4.81 % ​ 4.30 % Expected dividend yield ​ — % ​ — % Expected term (years) ​ 6.8 ​ 6.5 ​
Summary of total share-based compensation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ ​ 2023 2022 2023 2022 ​ Research and development ​ $ — ​ $ 39,627 ​ $ 78,018 ​ $ 157,147 ​ General and administrative ​ — ​ 68,957 ​ 188,683 ​ 240,333 ​ Total share-based compensation ​ $ — ​ $ 108,584 ​ $ 266,701 ​ $ 397,480 ​

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2023
NET LOSS PER SHARE
Summary of computation of basic and diluted net loss per share attributable to common shareholders	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2023 2022 ​ 2023 2022 ​ Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss attributable to common shareholders ​ $ (2,360,648) ​ $ (5,956,875) ​ $ (9,632,053) ​ $ (10,796,758) ​ Denominator: ​ ​ ​ ​ ​ Weighted-average shares outstanding used in computing net loss per share attributable to common shareholders, basic and diluted ​ 12,370,830 ​ 7,195,529 ​ 9,861,719 ​ 7,195,529 ​ Net loss per share attributable to common shareholders, basic and diluted ​ $ 0.19 ​ $ 0.83 ​ $ 0.98 ​ $ 1.50 ​
Summary of outstanding potentially dilutive common shares equivalents excluded from the computation of diluted net loss per share	​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ 2023 2022 Options issued and outstanding under stock option plan 1,041,492 689,321 Warrants 13,955,897 1,560,588 Series 1 Convertible Preferred Shares ​ 1,166,667 ​ 1,166,667 Deferred Share Units 1,061 1,061 Total 16,165,117 3,417,637 ​

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
DESCRIPTION OF BUSINESS
Net loss	$ (2,360,648)	$ (5,956,875)	$ (9,632,053)	$ (10,796,758)
Accumulated deficit	$ (89,885,517)		$ (89,885,517)		$ (80,253,464)

BASIS OF PRESENTATION AND SUM_3

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($) segment
Segment Information
General and administrative expenses related to abandoned offerings | $	$ 0	$ 0.8
Number of operating segment | segment		1

FAIR VALUE MEASUREMENTS - Asset

FAIR VALUE MEASUREMENTS - Assets measured at fair value on a recurring basis (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Liabilities:
Warrant liability	$ 277,356	$ 1,859,374
Recurring
Assets:
Short-term investments	31,824	31,009
Total assets measured at fair value	31,824	31,009
Liabilities:
Warrant liability	277,356	1,859,374
Total liabilities measured at fair value	277,356	1,859,374
Recurring | Level 1
Assets:
Short-term investments	31,824	31,009
Total assets measured at fair value	31,824	31,009
Recurring | Level 3
Liabilities:
Warrant liability	277,356	1,859,374
Total liabilities measured at fair value	$ 277,356	$ 1,859,374

FAIR VALUE MEASUREMENTS - Addit

FAIR VALUE MEASUREMENTS - Additional information (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
FAIR VALUE MEASUREMENTS
Transfer of assets (liabilities) in and out of level 1	$ 0	$ 0
Transfer of assets (liabilities) in and out of level 2	0	0
Transfer of assets in and out of level 3	0	0
Transfer of liabilities in and out of level 3	$ 0	$ 0

PREPAID EXPENSES AND OTHER CU_3

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Upfront research payments	$ 64,418	$ 346,015
Goods and services tax receivable	83,448	71,626
Accrued interest receivable	82,059
Insurance	645,133	471,088
Dues and subscriptions	32,036	7,926
Consultants	4,811	56,797
License fee	4,722	25,700
Deposits	19,623	12,907
Miscellaneous	21,535	4,623
Total prepaid expenses and other current assets	$ 957,785	$ 996,682

ACCRUED LIABILITIES AND ACCOU_3

ACCRUED LIABILITIES AND ACCOUNTS PAYABLE (Details) - USD ($)	1 Months Ended
	May 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Legal		$ 46,697
Accounting		82,732	$ 73,970
Research and development		729,717	3,185,346
Other		577,594	178,330
Accrued liabilities		1,436,740	$ 3,437,646
Accrued share issuance cost		$ 514,214
Agreement with Vendor
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Current accounts payable and accrued liabilities	$ 5,500,000
Percentage accrue interest at an annual rate	5.50%

EQUITY (Details)

EQUITY (Details)	1 Months Ended	3 Months Ended	9 Months Ended
	Aug. 31, 2023 USD ($) Y $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2022 $ / shares shares	Jun. 17, 2022 shares
Class of Stock [Line Items]
Series S1 convertible preferred stock, shares authorized		70,000,000	70,000,000	70,000,000	70,000,000
Common shares, shares issued		18,525,254	18,525,254	8,579,284
Common shares, shares outstanding		18,525,254	18,525,254	8,579,284
Series S1 Convertible Preferred Stock, Shares issued		70,000,000	70,000,000	70,000,000
Series S1 Convertible Preferred Stock, Shares outstanding		70,000,000	70,000,000	70,000,000
Common shares, par value (in dollars per share) | $ / shares		$ 0	$ 0	$ 0
Net of issuance costs | $		$ 2,738,558	$ 2,738,558
Pre Funded Warrants
Class of Stock [Line Items]
Warrants to purchase common shares		954,725	954,725
August 2023 PIPE
Class of Stock [Line Items]
Number of shares issued	9,945,969
Gross proceeds from issuance allocated to common shares | $	$ 20,483,758
Issuance costs of units | $	$ 2,738,558
Warrants exercisable term	5 years
Net of issuance costs | $	$ 466,658
August 2023 PIPE | Risk-free interest rate
Class of Stock [Line Items]
Warrants, measurement input	4.36
August 2023 PIPE | Volatility
Class of Stock [Line Items]
Warrants, measurement input	107.3
August 2023 PIPE | Expected life
Class of Stock [Line Items]
Warrants, measurement input | Y	5.5
August 2023 PIPE | Pre Funded Warrants
Class of Stock [Line Items]
Warrants to purchase common shares	954,725
Exercise price of warrant | $ / shares	$ 1.87
August 2023 PIPE | Common Warrants
Class of Stock [Line Items]
Warrants to purchase common shares	10,900,604
Exercise price of warrant | $ / shares	$ 1.75
Exercise price of warrant | $ / shares	$ 1.88
August 2023 PIPE | Compensation warrants
Class of Stock [Line Items]
Warrants to purchase common shares	327,020
Exercise price of warrant | $ / shares	$ 1.75

EQUITY - Future issuance (Detai

EQUITY - Future issuance (Details) - shares	Sep. 30, 2023	Dec. 31, 2022
EQUITY
Warrants	13,955,897	1,873,622
Series 1 Convertible Preferred Shares	1,166,667	1,166,667
Options issued and outstanding under stock option plan	1,041,492	1,043,025
Deferred Share Units	1,061	1,061
Common Shares available for grant under stock option plan	397,613	396,080
Total Common Shares reserved for future issuance	16,562,730	4,480,455

EQUITY - Rights of the common s

EQUITY - Rights of the common shares gross proceeds (Details) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($) Vote $ / shares shares	Dec. 31, 2022 shares	Jun. 17, 2022 shares
EQUITY
Number of vote per share | Vote	1
Series S1 Convertible Preferred stock, Shares authorized | shares	70,000,000	70,000,000	70,000,000
Liquidation preference per share	$ 6
Value divided to ascertain shares convertible	0.10
Conversion price	0.10
Series S1 Convertible Preferred stock, conversion price per share after reverse stock split	$ 6
Reverse share split ratio	60
Mandatory Conversion Preferred Stock, value, outstanding | $	$ 30
Gross proceeds from sale of equity securities | $	$ 27.8

EQUITY - Equity transactions (D

EQUITY - Equity transactions (Details)		9 Months Ended
	Jul. 01, 2023 USD ($) shares	Sep. 30, 2023 USD ($) $ / shares Y	Sep. 30, 2022 USD ($)	Jul. 01, 2023 $ / shares Y	Dec. 31, 2022 USD ($)
Class of Stock [Line Items]
Warrant liability		$ 277,356			$ 1,859,374
Change in fair value of warrant liability		(683,568)	$ (326,741)
United States dollar denominated warrants
Class of Stock [Line Items]
Number of warrants reclassified to permanent equity due to change in functional currency | shares	870,026
Warrants with fair value	$ 1,287,400
Canadian dollar denominated warrants
Class of Stock [Line Items]
Number of warrants reclassified to warrant liability due to change in functional currency | shares	687,591
Reclassification from additional-paid-in-capital to warrant liability	$ 396,375
Warrant liability		277,356
Canadian dollar denominated warrants | Nonoperating Income (Expense)
Class of Stock [Line Items]
Change in fair value of warrant liability		$ 119,019
Canadian dollar denominated warrants | Minimum
Class of Stock [Line Items]
Exercise price of warrant | $ / shares				$ 12
Canadian dollar denominated warrants | Maximum
Class of Stock [Line Items]
Exercise price of warrant | $ / shares				$ 28.80
Volatility | Canadian dollar denominated warrants
Class of Stock [Line Items]
Warrants, measurement input		127.8		84.6
Risk-free interest rate | Canadian dollar denominated warrants
Class of Stock [Line Items]
Warrants, measurement input		4.83		4.54
Exercise price | Canadian dollar denominated warrants
Class of Stock [Line Items]
Warrants, measurement input | $ / shares		13.35		12.80
Expected life | Canadian dollar denominated warrants
Class of Stock [Line Items]
Warrants, measurement input | Y		1.9		2.3

EQUITY - Warrants liability (De

EQUITY - Warrants liability (Details) - Warrants - USD ($)	3 Months Ended	6 Months Ended	12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning		$ 1,859,374	$ 1,871,687
October 2022 PIPE warrant liability at issuance			1,520,401
Change in fair value of the warrant liability			(1,533,644)
Foreign exchange loss			930
Balance at the end			1,859,374
United States dollar denominated warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning		1,859,374
Fair Value of US$ warrant liability as of June 30, 2023		1,287,400
Fair value of previously liability-classified US$ warrants reclassified to additional paid-in-capital as of July 1, 2023		(1,287,400)
Change in fair value of the warrant liability		(564,549)
Foreign exchange loss		(7,425)
Balance at the end			$ 1,859,374
Canadian dollar denominated warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of previously equity-classified C$ warrants reclassified to warrant liability as of July 1, 2023		$ 396,375
Change in fair value of the warrant liability	$ (119,019)
Balance at the end	$ 277,356

WARRANTS (Details)

WARRANTS (Details)	1 Months Ended	9 Months Ended
	Apr. 30, 2023 $ / shares shares	Sep. 30, 2023 $ / shares shares	Sep. 30, 2023 $ / shares shares	Dec. 31, 2022 shares
Class of Warrant or Right
Number of Warrants		13,955,897	13,955,897	1,873,622
Warrant exercises during period		0
Exercise Price 28.80
Class of Warrant or Right
Exercise Price | $ / shares	$ 28.80
Warrants Expired	100,073
Exercise Price 28.80 | January 2024
Class of Warrant or Right
Exercise Price | $ / shares		$ 28.80
Number of Warrants		139,659	139,659
Exercise Price 18.00 | June 2024
Class of Warrant or Right
Exercise Price | $ / shares		$ 18
Number of Warrants		68,334	68,334
Exercise Price 18.00 | November 2024
Class of Warrant or Right
Exercise Price | $ / shares		$ 18
Number of Warrants		150,818	150,818
Exercise Price 18.00 | December 2024
Class of Warrant or Right
Exercise Price | $ / shares		$ 18
Number of Warrants		49,167	49,167
Exercise Price 12.00 | November 2025
Class of Warrant or Right
Exercise Price | $ / shares		$ 12
Number of Warrants		279,613	279,613
Exercise Price USD 12.60 | August 2026
Class of Warrant or Right
Exercise Price | $ / shares			$ 12.60
Number of Warrants		524,088	524,088
Exercise Price USD 9.60 | August 2026
Class of Warrant or Right
Exercise Price | $ / shares			$ 9.60
Number of Warrants		146,744	146,744
Exercise Price USD 7.50 | April 2028
Class of Warrant or Right
Exercise Price | $ / shares			$ 7.50
Number of Warrants		345,938	345,938
Exercise Price USD 6.10 | April 2028
Class of Warrant or Right
Exercise Price | $ / shares			$ 6.10
Number of Warrants		69,188	69,188
Exercise Price USD 0.01
Class of Warrant or Right
Exercise Price | $ / shares			$ 0.01
Number of Warrants		954,724	954,724
Exercise Price USD 1.75 | February 2029
Class of Warrant or Right
Exercise Price | $ / shares			$ 1.75
Number of Warrants		11,227,624	11,227,624

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details) - shares	1 Months Ended	9 Months Ended
	Jun. 30, 2015	Sep. 30, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award
Common Shares available for grant under stock option plan		397,613	396,080
Stock Option Plan 2015
Share-Based Compensation Arrangement by Share-Based Payment Award
Options authorized as percentage of issued and outstanding common shares	20%
Expiration term		10 years
Common Shares available for grant under stock option plan		397,613	396,080

SHARE-BASED COMPENSATION - Shar

SHARE-BASED COMPENSATION - Share options (Details)		3 Months Ended	9 Months Ended		12 Months Ended
	Jul. 01, 2023 USD ($)	Sep. 30, 2023 USD ($) shares	Sep. 30, 2023 USD ($) shares	Sep. 30, 2023 CAD ($) $ / shares shares	Dec. 31, 2022 CAD ($) $ / shares shares	Sep. 30, 2023 CAD ($) $ / shares shares
Number of Share Options
Outstanding at the beginning | shares			1,043,025	1,043,025
Expired | shares			(1,533)	(1,533)
Outstanding at the end | shares		1,041,492	1,041,492	1,041,492	1,043,025
Vested and exercisable at the end | shares		696,625	696,625			696,625
Weighted Average Exercise Price Per Share
Outstanding at the beginning (in dollars per share) | $ / shares				$ 7.53
Expired (in dollars per share) | $ / shares				11.77
Outstanding at the end (in dollars per share) | $ / shares				$ 7.52	$ 7.53
Vested and exercisable at the end (in dollars per share) | $ / shares						$ 7.43
Weighted Average Remaining Contractual Term (years) and Aggregate Intrinsic Value
Outstanding at the beginning (in years)			5 years 4 months 24 days	5 years 4 months 24 days	6 years 1 month 6 days
Outstanding at the end (in years)			5 years 4 months 24 days	5 years 4 months 24 days	6 years 1 month 6 days
Vested and exercisable at the end (in years)			4 years 2 months 12 days	4 years 2 months 12 days
Outstanding at the beginning (in dollars)				$ 59,116
Outstanding at the end (in dollars)				$ 59,116	$ 59,116
Vested and exercisable at the end (in dollars)						$ 59,116
Granted | shares			0	0
Number of options exercised | shares			0	0
Fair value of options in a share based payment arrangement	$ 1,768,515	$ 992,367	$ 992,367
Reclassified from additional paid-in capital	1,435,913	(1,435,913)	(1,435,913)
Share based compensation expense	$ 332,602		(332,602)
Decrease in fair value			776,148
Re-measurement of liability-classified CAD stock options		$ 443,516	$ 443,516

SHARE-BASED COMPENSATION - Fair

SHARE-BASED COMPENSATION - Fair value of share options outstanding and exercisable (Details) - $ / shares		9 Months Ended
	Jul. 01, 2023	Sep. 30, 2023
SHARE-BASED COMPENSATION
Weighted average fair value of Options	$ 2.54	$ 1.30
Expected volatility	83.30%	118.70%
Risk-free interest rate	4.30%	4.81%
Expected term (years)	6 years 6 months	6 years 9 months 18 days

SHARE-BASED COMPENSATION - Stat

SHARE-BASED COMPENSATION - Statements of operations and comprehensive loss (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
SHARE-BASED COMPENSATION
Total share-based compensation	$ 108,584	$ 266,701	$ 397,480
Unrecognized share-based compensation related to options outstanding		$ 487,925
Unrecognized share-based compensation related to options outstanding expected to be recognized over weighted-average remaining service period		2 years 6 months
Research and development
SHARE-BASED COMPENSATION
Total share-based compensation	39,627	$ 78,018	157,147
General and administrative
SHARE-BASED COMPENSATION
Total share-based compensation	$ 68,957	$ 188,683	$ 240,333

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details)		1 Months Ended	9 Months Ended
	Jan. 01, 2022	Jan. 31, 2022 CAD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Apr. 30, 2016 CAD ($)
RELATED PARTY TRANSACTIONS
Cost incurred			$ 444,730	$ 409,268
Cash payments to related parties			$ 296,590	$ 255,339
Collaborative research agreement
RELATED PARTY TRANSACTIONS
Funding commitment		$ 5,030,000			$ 787,500
Additional term of agreement	3 years	3 years

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)		1 Months Ended	9 Months Ended
	Apr. 30, 2006 CAD ($)	Apr. 30, 2016	Sep. 30, 2023 CAD ($)	Sep. 30, 2022 CAD ($)	Sep. 30, 2023 USD ($)
COMMITMENTS AND CONTINGENCIES
Accruals for royalty payments					$ 0
Term of agreement		3 years
UBC Agreement
COMMITMENTS AND CONTINGENCIES
Accruals for royalty payments					0
Payments of annual license			$ 25,000	$ 25,000
University Health Network Agreement
COMMITMENTS AND CONTINGENCIES
Accruals for royalty payments					$ 0
Percentage of royalty on revenue	1%
Maximum milestone payments	$ 3,325,000

NET LOSS PER SHARE (Details)

NET LOSS PER SHARE (Details)	Sep. 30, 2023 shares
Pre Funded Warrants
NET LOSS PER SHARE
Warrants to purchase common shares	954,725

NET LOSS PER SHARE - Computatio

NET LOSS PER SHARE - Computation of basic and diluted net loss per share (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net loss attributable to common shareholders	$ (2,360,648)	$ (5,956,875)	$ (9,632,053)	$ (10,796,758)
Denominator:
Weighted-average shares outstanding used in computing net loss per share attributable to common shareholders, basic	12,370,830	7,195,529	9,861,719	7,195,529
Weighted-average shares outstanding used in computing net loss per share attributable to common shareholders, diluted	12,370,830	7,195,529	9,861,719	7,195,529
Net loss per share attributable to common shareholders, basic	$ (0.19)	$ (0.83)	$ (0.98)	$ (1.50)
Net loss per share attributable to common shareholders, diluted	$ (0.19)	$ (0.83)	$ (0.98)	$ (1.50)

NET LOSS PER SHARE - Outstandin

NET LOSS PER SHARE - Outstanding potentially dilutive common shares (Details) - shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Antidilutive securities excluded from computation of earnings per share
Dilutive common shares equivalents excluded from computation of diluted net loss per share for periods presented because including them would have been antidilutive	16,165,117	3,417,637
Options Issued and Outstanding under Stock Option Plan
Antidilutive securities excluded from computation of earnings per share
Dilutive common shares equivalents excluded from computation of diluted net loss per share for periods presented because including them would have been antidilutive	1,041,492	689,321
Warrants
Antidilutive securities excluded from computation of earnings per share
Dilutive common shares equivalents excluded from computation of diluted net loss per share for periods presented because including them would have been antidilutive	13,955,897	1,560,588
Series 1 Convertible Preferred Shares
Antidilutive securities excluded from computation of earnings per share
Dilutive common shares equivalents excluded from computation of diluted net loss per share for periods presented because including them would have been antidilutive	1,166,667	1,166,667
Deferred Share Units
Antidilutive securities excluded from computation of earnings per share
Dilutive common shares equivalents excluded from computation of diluted net loss per share for periods presented because including them would have been antidilutive	1,061	1,061